KPMG Opens Office in Myanmar

KPMG expanded its business in Myanmar this week, becoming one of the first globally recognized professional-services firms to set up an office in the Southeast Asian country as it emerges from isolation to become one of region’s potential hot spots.

The firm announced Tuesday that its operations based in neighboring Thailand will extend into Myanmar, with KMPG’s Thailand CEO Kaisri Nuengsigkapian leading operations there. The new office in Yangon will offer tax and advisory services, with auditing services coming soon. KPMG said the new office will be able to draw on the firm’s 1,200-strong team in Thailand. KPMG did not specify how many staff would be based in Yangon.

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Business sees a new horizon in Myanmar.

The move underscores the need for a higher level of professional services in Myanmar as companies navigate the murky legal and investment infrastructure of a country that until recently had been ruled by the military for decades of stagnation. Legal firm Baker & McKenzie, for example, recently hired a Myanmar-trained lawyer in the hope of becoming one of the first recognizable law practices to offer advice to foreign clients looking to enter the market.

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“We are finding a considerable amount of interest in the market,” said Christopher Muessel, a partner at VDB Loi, a legal and tax advisory firm for international companies in Southeast Asia. The firm—started this year by partners with significant regional experience—has two offices in Yangon, the commercial center, and a liaison office in the capital, Naypyidaw.

Many companies, though enticed by Myanmar’s investment opportunities now that long-standing sanctions have been dropped, still remain wary about the unclear legal infrastructure, risk of corruption and uncertainty about local partners, according to lawyers. Clients across all sectors, from oil and gas giants to advertising agencies, are now looking to providers of professional services.

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Indonesia Real Time provides analysis and insight into the region, which includes Singapore, Thailand, Indonesia, Vietnam, Malaysia, the Philippines, Myanmar, Cambodia, Laos and Brunei. Contact the editors at SEAsia@wsj.com.

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